Turn-Key Accounting and Tax Reporting

Firestone Duncan is pleased to offer fixed fee accounting and statutory reporting support.  We recognize that for many companies the administrative burden of compliance with Russian tax regulations is far greater than the financial burden of the taxes themselves.  Once registered, all companies, whether or not they are operational or profit centers must file tax declarations in a timely manner.  Furthermore, all companies will have to pay taxes if they employ people or if they have any assets at all, such as furniture.  The above is true even if the company ois not receiving any income.  For small companies the amount of work required to maintain good tax standing is particularly burdensome.

In addition to reducing the administrative burden of compliance with Russian tax regulations, use of our tax and accounting maintenance service will reduce a company’s exposure to tax related risks.  Russian tax legislation imposes heavy fines for late payments and many foreign companies lack the ability to monitor compliance with tax regulations in a timely manner.  Often tax issues are only detected by external consultants or by the tax authorities themselves long after declarations were filed and taxes were paid.  Late detection of a tax issue is always unnerving and it can leave a company open to liability.  Enrollment in our tax and accounting maintenance service reduces the company’s exposure to tax related risks because our accountants and auditors will be in a position to detect issues before tax declarations are filed and before taxes are paid.  We will therefore often be able to take proactive steps to resolve tax issues before they become problems.

Fees for the service depend on the number of transactions the company undertakes and are set once per year and are payable quarterly.